What happened this November in the cryptocurrency world?

It’s cryptocurrency regulation season worldwide this November, it seems. And maybe that’s because the prices and adoption of many cryptoassets are skyrocketing this year. But hey, that’s not all. We have some slightly unsettling extra news this month.

Privacy, U.S., Europe, Russia…

  • The United Kingdom is planning to deliver new legal measures for stablecoins and Central Bank Digital Currencies (CBDC) starting the next year. According to the announcement by Her Majesty’s Treasury (HM Treasury), the country is preparing to remain as “an open, attractive international financial centre”, but not without proper controls.
  • The Dutch Central Bank (DNB) published new legal obligations for cryptocurrency companies. This time, it won’t be enough for them to apply the Know Your Customer (KYC) process. The company should check if “their clients and any ultimate beneficiary owners (UBOs) are on a Dutch or European sanctions list” and immediately report it to the central institution.
  • The U.S. Treasury Department’s Office of the Comptroller of the Currency (OCC) published a proposal of new guidelines for financial institutions. The bottom line of it is that the national banks can’t deny their services to legal (but disfavored) businesses, like companies that work with cryptocurrencies, without assessing the specific risks in every instance.
  • Mikhail Mishustin, the Russian prime minister, assured this November that the next regulations for cryptocurrencies inside his country will be reasonable. They’ll design them in order to protect the users and avoid scams and fraudulent schemes.

Bull market season and adoption!

  • The companies are buying a lot of Bitcoin (BTC) worldwide. As indicated by the Clark Moody dashboard and data from Bitcointreasuries, the figure they hold in total is around 842,229 BTC, equivalent to $16.3B in today’s price. Besides, only Grayscale Bitcoin Trust holds more than 500,000 BTC (around $9.7B).
  • BayernLB or Bayerische Landesbank, the seventh-largest financial institution in Germany, published a report regarding their financial perspectives for 2021. According to the study, Bitcoin (BTC) has shown a better monetary policy than most central banks, and that’s why it may hit at least $60k per unit by 2021.
  • Bitcoin (BTC) is getting more close to its last All-Time-High (ATH). Last November saw a 43.6% growth, touching briefly $19,749. Meanwhile, the DeFi ecosystem started low, but it’s improved by over 31% during the month. The total market capitalization for cryptocurrencies raised as well, showing a 44.1% increase [CoinMarketCap and DeFiPulse].
  • After a long wait, Facebook will finally launch its own cryptoasset, Libra, by January 2021. It’ll be a stablecoin pegged to the U.S. dollar, and it’ll be launched in a “limited format” at the beginning. If everything goes fine with the authorities, they’d offer some other new stablecoins pegged to other currencies, like the British pound and the euro.

Some extra news

  • Pickle Finance, an Ethereum-based platform for yield farming, was hacked last November 21. The hackers robbed around $19.7M from the pDAI PickleJar, and the token lost around 65% of its value. Besides, the DeFi lending and savings protocol Akropolis, based on Ethereum, was hacked as well. The attacker siphoned $2M in DAI from their Ycurve and sUSD pools on November 12.
  • Bitcoin Cash (BCH) underwent a new hardfork, meant to split in two its blockchain network and cryptocurrency. Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCH ABC) were born during the event by two opposite parts. However, the only survivor per consensus seems to be the first one.

Originally published at https://blog.alfa.cash on December 1, 2020.

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